No response from Mohd yet :|

Anyone have anything to report?

Take care,

Not me. I have emailed this guy about 4 times in the past year.I keep on receiving the same reply that they are doing everythig they can to return our money. I think all the members should sent this guy emails to worry him.He might just get pushed and do something for us.I will just send another mail now just for the hell of it.

According to the charge sheet total amount invested in gins is about $3.25 million, so if the bank account balance is $2.25 million plus the payment processors balance of $0.75 million = $3.0 million, if the figures are correct, if all investors submit the claims, all investors shd get back 90% of our money.
But the problem is CAD Singapore did not take any effort to recover the monies in payment processors.
In one hand CAD said they will take all the effort to recover the money and refund to us but in the hand they are they do nothing to recover the monies in the payment processor.
Also, the CAD expenses will end up eating all our money if the case prolong. Reliable source, the expenses now is abt $800,000 as at 30th April 2008.

Thanks for the replies guys.

I've just emailed him again. I'm doubtful of a reply from him at this point.

readymoney, thanks for the figures. Their expenses eating away from our refunds is what I was afraid of. Every day they wait we all lose a little bit more of what they say they are trying to give back to us.

A little bit of communication on their part would be nice.

Just got a reply from Mohd:

Dear Sir/Madam,

We understand your anxiety in getting your refunds.

2 We have received your case proforma and noted the amount you
have
invested with Ginsystem.

3 We assure you that action is being taken to expedite the return
of
the seized monies. However, the matter has been delayed due to the
arrest
of Tan Poh Choon ("Tan"), the main person behind Ginsystem Inc, in
October
2007. Tan had earlier been convicted by the Court in December 2005 and
absconded from bail. Tan is currently serving a 18 months imprisonment
term, and will soon be on trial for another 59 charges of cheating
offences
.

4 Upon the conclusion of the trial and verifying the claims from
investors, we will seek an order from the Court on the distributions of
the
seized monies.

5 We would like to inform you that the amount that you will be
refunded
is subject to the approval of the Court and it may be less than what
you
have indicated in the case proforma.

6 We will inform you on the outcome of the case and also provide an
update on the refund in due course.

7 In the meantime, please inform us of any changes in your contact
details, bank account number or corresponding address by fax to 65 6223
3171 or via email to SPF_Ginsystem_Investigations@spf.gov.sg.

Regards,

Sadly, in all these cases the investigation is extended as long as possible so as to justify authorities, receivers, investigators and all the leaches can drain as much as possible from whatever amount was siezed. A case I was researching ended up in negative and the judge refused receivers last payment, which was so grossly inflated that it was a joke. Even the judge was embarrassed over how much money was taken from siezed accounts by receiver who was assigned by court to watch over these assets and money.

This is like putting the fox in charge of guarding the chicken coop. Since most of these regulators follow the same blood sucking leach like system as in U.S., if not worse, I would not expect to see anyone get back more than .10 of the dollar. I have researched dozens of cases in U.S. and this is a consistant factor, the lawyers are the only ones who make out like the bandits they are. lol

Good luck to all, Mike

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Hi all,

any news?

cheers
Timbonanza

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